House Price Highs - What Does it Mean?

By Dominic Hefferan on Apr 05 2018

Share

With the Real Estate Institute of Queensland (REIQ) reporting Brisbane’s average house prices have hit new highs, you might find yourself wondering if this is a cause for celebration or alarm. Like all things real estate, there’s more than one side to the story, and that’s why today we’re looking at what this means for you.

What’s Happening?

The average Brisbane home price is now $665,000, up from around $505,000 five years ago. Though areas in regional Queensland have seen falling house prices after the end of the mining boom, Brisbane and South East Queensland in general have seen what the REIQ have called “consistent growth for the market.”

But What Does it Mean?

If you’re a home owner, this means you’re currently more likely to sell for a profit, and selling now means you can take advantage of the strong demand from the market. This also means if you’re a homeowner who’s looking to upgrade that you’re more likely to have more money to spend on your next home.

What If I Don’tOwn?

If you’re looking to buy for the first time, you’ll probably need to look at an apartment, or at a more modest home away from the city centre.

The good news is that with the current number of apartments being built, there are a number of affordable options out there, and you can always check out the new stock from our Special Projects Department to see what’s on offer. Also, with the First Home Owners Grant worth $20,000 until 31 December, 2017, now's the time to buy new, especially if you're looking to own for the first time.

At the end of the day, the market naturally ebbs and flows in favour of buyers and sellers, and there’ll always be good and bad things in any situation. No matter what you’re looking for, you can always talk with us to find out more, so get in touch today to see what’s possible.